The capital of São Paulo ended 2021 with a record number of indebted families: 2.98 million households with some type of debt. The indebtedness rate has been rising since November 2020, reaching 74.5% last December – a record for the historical series of the survey, which began in 2010. The data, released today (21), are from the Indebtedness and Default Survey of Brazil. Consumer (PEIC), of the Federation of Trade in Goods, Services and Tourism of the State of São Paulo (FecomercioSP).
Default, when the debtor does not honor the payment, and enters the “dirty name” lists, showed stability in 2021. Last December, the percentage of families with overdue debts stood at 20.2% or 805,500 families.
Debt commitment time reached an average of 7.9 months in December – the highest level since June 2020. The data reflects that families are postponing commitments as much as possible. According to FecomercioSP, the card and the booklets, for example, are being used to dilute the long-term commitment, with the aim of relieving the pocket momentarily.
“With unemployment and inflation leading to a retraction in purchasing power, families have sought credit as an alternative to maintain consumption, including essential items, to defend themselves against rising prices. Proof of this is that, last month, the credit card modality reached a new record among the indebted (87%). In December 2020, the percentage was 71.3%”, highlighted FecomercioSP in a note.
